This content is from: Local Insights

Spain: Welcoming the MARF

Jaime de la Torre
On May 7 2013, the new alternative fixed-income securities market (MARF) was created in Spain through a resolution passed by the AIAF management company's board of directors (governing body). The MARF enables companies (whose circumstances prevent them from accessing official secondary markets) to obtain financing through the issue of fixed-income securities.

The MARF is legally configured as a multilateral trading system, directed and managed by the governing body. The Spanish Securities and Exchange Commission (CNMV) supervises MARF's governing body.

As it is an unofficial alternative market, the conditions for accessing it are more flexible and less costly than those imposed to issue and admit fixed-income securities to trading on official secondary markets, such as the AIAF. However, the subscription and trading of securities on the MARF is restricted to qualified investors.

A step forward in facilitating access to this market was approved on September 5 2014, under Royal Decree-Law 11/2014. This indirectly amended the regulation for private securitisation funds to allow the bonds issued by them to be listed on multilateral trading systems such as the MARF. The requirements for incorporating a private securitisation fund are simpler than those required for public securitisation funds, where the bonds issued can be listed on official secondary markets. The incorporation of a private securitisation fund does not require a prospectus to be registered with the CNMV, and the bonds issued do not have to be rated. In fact, only the private fund's deed of incorporation has to be registered with the CNMV, and the MARF must approve a prospectus simpler than the one registered with the CNMV.

Although the subscription and trading of securities on the MARF is restricted to qualified investors that can list bonds issued by private funds, the MARF provides a new financing tool specifically to companies that cannot access public securitisation funds, while also benefiting smaller transactions.

Jaime de la Torre

© 2021 Euromoney Institutional Investor PLC. For help please see our FAQs.

Instant access to all of our content. Membership Options | 30 Day Trial